Abi Dhabi’s Mubadala Investment Company has made a $325m investment in Ørsted’s Hornsea 3, which, once completed, will be the world’s single largest offshore wind farm, located off the Norfolk coast in the UK. Mubadala is investing alongside a consortium led by Apollo-managed funds, which includes USS and La Caisse. The investment follows Apollo Funds’ acquisition of a 50% stake in the joint venture holding Hornsea 3, with Ørsted retaining the remaining 50% ownership and continuing to lead the development, construction and operation of the project.

Hornsea 3 is Ørsted’s third gigawatt-scale offshore wind project within the Hornsea zone in the North Sea. Upon completion, the project is expected to deliver 2.9GW of capacity, providing enough renewable electricity to power more than 3.3m UK homes.

The UK is the largest offshore wind market outside China and one of the most established globally, supported by a stable regulatory environment and long-term policy commitment. The country has set a target of up to 50GW of offshore wind capacity by 2030, as part of its broader ambition to reach net zero. This is underpinned by rising electricity demand, expected to more than double by 2060, reflecting structural shifts across transport, heating, and digital infrastructure.